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Ethereum Foundation privacy team launches independent startup; EthSystems receives endorsements from institutions such as Lubin and Bitmine
Deepchow TechFlow message: On July 15, according to The Block, core members of the Ethereum Foundation’s Institutional Privacy Task Force (IPTF)—Mo Jalil, Oskar Thorén, and Aaryamann Challani—co-founded the for-profit company EthSystems and officially spun it off from the Ethereum Foundation to operate independently. The company has received support from Ethereum co-founder Joe Lubin (Consensys CEO), as well as treasury heavyweights Bitmine and SharpLink.
EthSystems focuses on building “Ethereum confidential systems” for regulated entities such as banks and asset management institutions. By using technologies such as zero-knowledge cryptography (ZK Proof), it enables institutions to carry out large-scale financial transactions on public chains without exposing sensitive data to the entire network, including transaction information, holdings, or customer identities. Its business model is mainly based on customized consulting services, and it also commits to ongoing open-source contributions.